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To add to your social security, you want to have an additional monthly income of $1900 from a fixed-term annuity when you retire. Take the
To add to your social security, you want to have an additional monthly income of $1900 from a fixed-term annuity when you retire. Take the term of the annuity to be 25 years (you will be retired for 25 years). Assume an APR of 5.31% compounded monthly. How large will your nest egg have to be at retirement to guarantee the income described above? Please round your answer to the nearest thousand dollars
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